Commonwealth Commercial Trades Needham Flex Portfolio For $18.5M
February 11, 2022
NEEDHAM — One would be hard-pressed to find a better-located assemblage of commercial real estate assets along the central 128 belt than the flex collection of properties between Gould St, Kearney Rd, Ellis St & Hampton Ave in Needham.
Comprised of roughly 3.45 acres of land, the portfolio is improved by multiple buildings containing 77,300 square feet of extremely well cared for multi-tenanted Flex space. In addition, according to Stefan Frey, Principal of Commonwealth Commercial advisors, “the portfolio offers ideal highway access being located less than half a mile from the Highland Ave. exit, off I-95/128.” Frey and his team exclusively represented the legacy ownership and procured the buyers, an affiliate of Newton-based, Intrum Corporation - completing the sale of the Needham portfolio for $18,500,000.
Under the stewardship of the Tocci family for over a half-century, David Tocci has taken meticulous care of the properties and has historically maintained 100% occupancy. Mr. Tocci did not actively market the properties for sale and opted to sell after establishing a relationship with an area developer with a similar long-term vision for the asset, according to Frey.
Frey noted, the buyer, an associate of Intrum Corp., recognized the long-term viability of the properties which aligned well with their strategic approach of acquiring well-located, multi-tenanted office, industrial, and flex properties in the Boston market.
